Bharat Heavy Electricals Ltd

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Bharat Heavy Electricals is an integrated power plant equipment manufacturer engaged in design, engineering, manufacture, erection, testing, commissioning and servicing of a wide range of products and services for the core sectors of the economy, viz. Power, transmission, Industry, Transportation, renewable Energy, Oil & Gas and Defence.(Source : 202003 Annual Report Page No:254)

  • Market Cap 20,126 Cr.
  • Current Price 57.8
  • High / Low 59.3 / 21.4
  • Stock P/E
  • Book Value 78.1
  • Dividend Yield 0.00 %
  • ROCE -0.18 %
  • ROE -4.98 %
  • Face Value 2.00

Pros

  • Stock is trading at 0.74 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -7.26% over past five years.
  • Company has a low return on equity of -0.04% for last 3 years.
  • Contingent liabilities of Rs.8118.47 Cr.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
5,942 6,785 7,341 10,373 4,532 6,227 5,681 5,050 1,991 3,696 4,451
5,765 6,641 7,122 8,987 4,802 5,962 5,354 5,609 3,050 4,329 4,632
Operating Profit 177 144 219 1,386 -270 265 327 -560 -1,059 -633 -180
OPM % 3% 2% 3% 13% -6% 4% 6% -11% -53% -17% -4%
Other Income 174 149 232 124 146 140 157 147 100 109 99
Interest 64 69 58 97 108 119 140 141 115 94 86
Depreciation 176 52 113 134 115 119 115 154 119 115 113
Profit before tax 110 172 280 1,278 -347 167 229 -709 -1,192 -734 -280
Tax % 64% 50% 30% 47% 37% 28% 29% -116% 25% 25% 22%
Net Profit 41 86 196 681 -218 122 163 -1,533 -893 -552 -217
EPS in Rs 0.11 0.24 0.54 1.96 -0.63 0.35 0.47 -4.40 -2.56 -1.59 -0.62

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
26,876 33,506 42,526 48,340 48,903 39,561 31,323 25,505 28,465 28,827 30,441 21,490 15,188
22,705 27,605 33,893 38,389 39,422 34,982 29,183 26,862 27,370 27,174 28,409 21,623 17,621
Operating Profit 4,171 5,901 8,633 9,951 9,480 4,579 2,141 -1,357 1,095 1,653 2,032 -133 -2,433
OPM % 16% 18% 20% 21% 19% 12% 7% -5% 4% 6% 7% -1% -16%
Other Income 1,045 1,217 1,035 1,272 1,135 1,617 1,221 1,492 753 679 662 590 456
Interest 35 37 56 53 128 133 92 360 413 330 378 613 437
Depreciation 343 460 546 803 957 985 1,082 937 850 787 476 503 501
Profit before tax 4,838 6,621 9,065 10,367 9,531 5,078 2,187 -1,161 586 1,215 1,840 -659 -2,915
Tax % 36% 35% 33% 32% 30% 31% 34% 39% 22% 64% 46% -123%
Net Profit 3,115 4,327 6,053 7,087 6,693 3,503 1,452 -704 457 441 1,005 -1,466 -3,195
EPS in Rs 8.48 11.79 16.49 19.30 18.23 9.54 3.96 -1.92 1.25 1.20 2.89 -4.21 -9.17
Dividend Payout % 27% 26% 25% 22% 20% 20% 20% -14% 85% 151% 69% 0%
Compounded Sales Growth
10 Years:-4%
5 Years:-7%
3 Years:-9%
TTM:-43%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-527%
Stock Price CAGR
10 Years:-14%
5 Years:-7%
3 Years:-12%
1 Year:160%
Return on Equity
10 Years:8%
5 Years:-0%
3 Years:-0%
Last Year:-5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
490 490 490 490 490 490 490 490 490 734 696 696 696
Reserves 12,429 15,406 19,665 24,914 30,043 32,667 33,717 31,825 31,899 31,601 30,208 27,964 26,483
Borrowings 167 148 252 432 2,698 4,693 1,889 211 156 110 2,598 5,077 4,848
28,631 32,722 39,211 41,664 38,588 37,481 34,887 33,051 29,153 31,495 30,987 27,589 26,969
Total Liabilities 41,716 48,767 59,618 67,499 71,818 75,331 70,983 65,577 61,698 63,940 64,490 61,327 58,996
1,665 2,609 3,610 4,519 4,667 4,729 4,230 3,969 3,601 3,073 2,970 2,817 2,616
CWIP 1,157 1,552 1,757 1,763 2,467 2,931 2,614 318 168 203 235 314 356
Investments 6 6 11 6 6 6 6 796 757 429 152 162 171
38,888 44,600 54,240 61,211 64,679 67,665 64,134 60,494 57,171 60,235 61,132 58,034 55,852
Total Assets 41,716 48,767 59,618 67,499 71,818 75,331 70,983 65,577 61,698 63,940 64,490 61,327 58,996

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
3,463 1,630 2,699 -701 1,759 4,512 821 374 560 989 -3,860 -2,892
-467 -942 -1,439 -582 -1,113 -868 650 23 -565 961 1,919 1,837
-1,062 -1,161 -1,410 -1,690 472 523 -3,543 -122 -468 -667 -32 1,662
Net Cash Flow 1,934 -473 -150 -2,972 1,118 4,167 -2,071 275 -473 1,283 -1,973 607

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 46% 50% 45% 33% 15% 6% -2% 3% 5% 7% -0%
Debtor Days 218 227 174 200 219 260 309 321 283 178 142 121
Inventory Turnover 1.95 1.95 1.97 1.87 1.75 1.43 1.37 1.66 1.84 1.92 1.26

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
63.06 63.06 63.06 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17 63.17
13.04 13.57 12.08 11.68 12.13 11.36 9.96 9.36 5.09 4.24 4.34 4.47
18.16 17.77 18.07 18.54 18.82 19.09 19.24 17.81 18.14 15.58 13.51 12.49
5.74 5.60 6.80 6.61 5.88 6.38 7.63 9.66 13.60 17.01 18.98 19.87

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